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SUMMARY OF TAX. LEVIES, PAYMENT PROVISIONS, AND MINNESOTA REAL PROPERTY VALUATION The followin is a sum of certain statutory: 9 ry ry:provisions effec#ive. beginning 2t7'['1 relative. to tax levy proced u res, tax payment and credit procedures, and the mechanics of real property valuation. The summary does not purport to be inclusive of all such provisions or of the specific provisions discussed, and is qualified by reference to the complete text of applicable statutes, rules and regulations of the State of Minnesota. Property Valuations (Chapter 273, .Minnesota Statutes) Assessor's Estimated Market Value Each parcel. of real property subject to taxation must, by. statute, be appraised at least once every five.years as of January 2 of the year of appraisal. With certain exceptions, all property is valued at its market valise; which is the value the assessor determines to be the price the property to be fairly worth, and which is referred to as the "Estimated Market Value." Taxable Market Value The Taxable Market Value is the value that property taxes are based on, after all reductions, limitations, exemptions and deferrals. It is also the.value used to calculate a municipality's legal debt limit. Indicated Market Value The Indicated Market Value is determined by dividing the Taxable Market Value of a given year by the same year's sales ratio determined bythe State Department of Revenue. The Indicated Market Value serves to eliminate disparities between individual assessors and equalize property values. statewide. Net Tax Caoacitx The Net Tax Capacity is the. value upon which net takes are levied, extended and collected. The Net Tax Capacity is computed by applying the class rate percentages specific to each type of property classification against the.Taxable Market Value. Class rate percentages vary depending on the type of property as shown on the 101 page of the Appendix. The formulas and class rates for converting Taxable Market Value to Net Tax Capacity represent a basic eleriment of the. State's property tax relief system and are subject to annual revisions by the State Legislature. Property taxes are determined by multiplying the Net Tax Capacity by the tax capacity rate, plus multiplying the referendum market value bythe market value rate. Property Tax Payments and Delinquencies (Chapters 275, 276, 277, 279-282 and..549, Minnesota Statutes) Ad valorem property taxes levied by local governments in Minnesota are extended and collected by the various counties within the State. Each taxing jurisdiction is required to certify the:annual tax levy to the county auditor within five (5) wprking days after December 20 of the year proceeding the collection year.. A listing of property taxes due is prepared by the county auditor and turned over to the county treasurer on or before. the first business day in March. The county treasurer is responsible for collecting all property taxes within the county.. Real estate